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THE WAR DEBT With the completion of four years of war the debt pyramid rises but does not broaden at its base The direct war cost from August i 1914 to August 1 191S may be put down as approximately 130000000000 Nearly as much is being expended per annum to finance this great struggle as was employed in the first two years The progressive increase of the United States illustrates this fact From April 1 1917 to the end of June that year the whole outlay by this country was about 12 0000 000 in tlie twelve months to June 30 1918 it was S12r00000000 or ten times that of the earlier period For the month of July just concluded the estimates ran to 11000000000 or an annual cost of 24000000000 It is apparent therefore that if peace does not come before the middle of 1919 the war d bt of tlie nations will be close to 200 000000000 American Review of lieviews
